KUALA LUMPUR:'' Shares of MClean Technologies Bhd slipped below its offer price of 52 sen in afternoon trade on Wednesday, May 11,ignoring the overall positive sentiment in the stock market.
At 3.48pm, it was down'' four sen to 49.5 sen with 10.84 million shares done.
The FBM KLCI rallied 13.47 points, the most in recent weeks, to 1,536.84. Turnover was 778.91 million shares valued at RM1.12 billion.'' There were 509 gainers, 223 losers and 298 stocks unchanged.
MClean was listed on Tuesday. It is mainly involved in precision cleaning and washing solutions for various components as well as plastic injection moulding for the hard disk drives (HDD) and automotive industries.
RHB Research accorded MClean a fair value 57 sen, based on 7.5 times FY11 earnings per share.
Its offer of 2.7 million new shares offered to the public under its listing exercise at 52 sen each was oversubscribed by'' 100.49 times.
At 3.48pm, it was down'' four sen to 49.5 sen with 10.84 million shares done.
The FBM KLCI rallied 13.47 points, the most in recent weeks, to 1,536.84. Turnover was 778.91 million shares valued at RM1.12 billion.'' There were 509 gainers, 223 losers and 298 stocks unchanged.
MClean was listed on Tuesday. It is mainly involved in precision cleaning and washing solutions for various components as well as plastic injection moulding for the hard disk drives (HDD) and automotive industries.
RHB Research accorded MClean a fair value 57 sen, based on 7.5 times FY11 earnings per share.
Its offer of 2.7 million new shares offered to the public under its listing exercise at 52 sen each was oversubscribed by'' 100.49 times.
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